EForce major shareholders exercise warrants to shares

  • Business
  • Wednesday, 24 Jul 2019

Its job scope for the contract involves supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis, Dolphin said in a filing with Bursa Malaysia.

PETALING JAYA: Three of Excel Force MSC Bhd’s (EForce) substantial shareholders – Asia Internet Holdings Sdn Bhd, Datuk Mohamed Nizam Abdul Razak and Wong Thean Soon – have exercised their warrants to shares.

Wong, better known as T.S. Wong, is the managing director and single largest shareholder of MyEG Services Bhd.

Meanwhile, Datuk Jayakumar Panneer Selvam has also emerged as a substantial shareholder of EForce following the conversion of his warrants to Eforce shares. Jayakumar is known as an associate of Wong.

Following Jayakumar’s conversion of 39.03 million warrants, he now has a direct interest of 48.17 million shares, or an 8.29% stake, in the company.

In separate filings with Bursa Malaysia yesterday, the financial services business solutions provider said that Asia Internet increased its shareholding in EForce by 2.42 million shares to 86.15 million shares, after the conversion of warrants to ordinary shares.

Additionally, following the warrant conversion exercise, EForce said Mohamed Nizam increased his shareholding by 13.17 million shares to 46.55 million shares, while Wong increased his stake in the company by 3.84 million shares to 24.48 million shares.

Shares of EForce rose sharply from the 43-sen level on July 10 to its current level of 70 sen following Wong’s appointment as an alternate executive director in EForce the previous day.

EForce rose 7.6% to 70.5 sen yesterday.

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